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EXHIBIT 11 - STATEMENTS RE: COMPUTATION OF PER SHARE EARNINGS
HERITAGE FINANCIAL HOLDING CORPORATION
COMPUTATION OF EARNINGS PER COMMON SHARE
The following tabulation presents the calculation of basic and diluted earnings
per common share for the three-month and nine-month periods ended September 30,
2000 and 1999. Average shares outstanding have been retroactively adjusted on an
equivalent share basis for the effects of the 2-for-1 stock split as discussed
in the notes to the consolidated financial statements.
<TABLE>
<CAPTION>
Three Months Nine Months
Ended September 30 Ended September 30
------------------ ------------------
Heritage Heritage
Bank Bank
Consolidated Only Consolidated Only
2000 1999 2000 1999
---- ---- ---- ----
<S> <C> <C> <C> <C>
BASIC EARNINGS PER SHARE:
Net income $ 572,514 $ 144,566 $1,430,656 $ 592,423
========== ========== ========== ==========
Earnings on common shares $ 572,514 $ 144,566 $1,430,656 $ 592,423
========== ========== ========== ==========
Weighted average common shares
outstanding - basic 8,474,144 7,200,804 8,263,346 7,196,366
========== ========== ========== ==========
Basic earnings per common share $ .07 $ .02 $ .17 $ .08
========== ========== ========== ==========
DILUTED EARNINGS PER SHARE:
Net income $ 572,514 $ 144,566 $1,430,656 $ 592,423
========== ========== ========== ==========
Weighted average common shares
outstanding - diluted 10,387,216 8,633,282 10,072,414 8,291,434
========== ========== ========== ==========
Diluted earnings per common share $ .06 $ .02 $ .14 $ .07
========== ========== ========== ==========
</TABLE>
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